(a) whether the Government has taken any initiative to control the prices of edible oil, palm oil in consultation with the stakeholders associated with the industry;
(b) if so, the details thereof; and
(c) the details of the steps taken by the Government to control the prices of other edible oils like mustard, coconut, soyabean, sunflower, etc.?
A N S W E R
MINISTER OF STATE FOR MINISTRY OF RURAL DEVELOPMENT AND CONSUMER AFFAIRS, FOOD & PUBLIC DISTRIBUTION
(SADHVI NIRANJAN JYOTI)
(a) and (b): The Government has been holding several meetings from time to time with the stakeholders associated with the edible oil industry to keep a control on the domestic prices of edible oils in the country. Due to the initiatives taken by the Government, the domestic wholesale and retail prices of major edible oils are showing a significant decreasing trend over the month.
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(c): In order to control the prices of edible oils, the Government has taken the following measures:
• Central Government has cut the basic duty on Crude Palm Oil, Crude Soyabean Oil and Crude Sunflower Oil from 2.5% to Nil. The Agri-cess on these Oils has been brought to 5%.
• The basic duty on Refined Soyabean oil and Refined Sunflower Oil has been slashed to 17.5% from the current 32.5% and the basic duty on Refined Palm Oils has been reduced from 17.5% to 12.5%.
• The Government has extended the free import of Refined Palm Oils for a period upto 31.12.2022.
• The current basic rate of import duty of zero percent on Crude Palm Oil, Crude Soyabean oil and Crude Sunflower Oil has been extended upto 30th September, 2022 and the rate of import duty on Refined Palm Oils at 12.5%, Refined Soyabean oil and Refined Sunflower Oil at 17.5% has also been extended up to 30th September, 2022.
• To control prices of edible oils, futures trading in mustard seed on NCDEX has been suspended.
• In order to ensure the smooth availability of edible oils and oil-seeds in the country, Department of Food and Public Distribution has imposed stock limits on Edible Oils and Oilseeds vide Order dated 8th October, 2021 and 03rd February 2022. Further, an amended Order “The Removal of Licensing Requirements, Stock Limits and Movement Restrictions on Specified Foodstuffs (Second Amendment) Order, 2022” has been notified on 30th March 2022 which has come into force from 1st April 2022 for a period upto 31st December 2022.
• In its latest initiative to ease the prices of edible oils and provide relief to the consumers, the Government has issued Notification for allocation of Tariff Rate Quota (TRQ) for import of 20 LMT of Crude Soyabean Oil and 20 LMT of Crude Sunflower Oil for the financial year 2022-23 and 2023-24 at zero import duty and zero Agriculture Infrastructure and Development Cess (AIDC).
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